Banco de Portugal (the country’s central banking institution) has reportedly approved Bison Bank to start offering cryptocurrency services to its customers. To do this, the latter will create a subsidiary called Bison Digital Assets, which will operate in the “business of the conservation and exchange of virtual assets”.

Bison Bank leads the way

According to the locals cover, Bison Bank has become the first monetary organization authorized by the Central Bank to offer cryptocurrency trading opportunities to customers. The company clarified that it will offer “a new and broader set of products and services” that align with growing customer interest in the digital asset industry.

The bank will build a venture capital arm dubbed Bison Digital Assets to act as a crypto exchange and custodian.

Based in Lisbon, Bison Bank was called Banco de Investimento SA (Banif) until 2018. At the time, the Chinese company Bison Capital Holding acquired the company and renamed it after itself.

The financial institution offers a wide range of wealth management, custodian and custody and investment banking services to retail and institutional clients through a platform that acts as a bridge between European and Asian markets.

Portugal: a crypto-friendly destination

In Portugal, cryptocurrency transactions are exempt from VAT or other taxes such as personal income tax. National authorities view bitcoin and altcoins as a form of payment rather than assets. As such, the Iberian country has positioned itself as a cryptocurrency hub for digital nomads.

His legacy was proven recently when thousands of Ukrainian refugees left their homeland due to the military conflict with Russia and entered Portugal. Last month, CryptoPotato reported the story of Maria Yarotska from Ukraine, who drove for six days and crossed all of Europe with her family to take refuge in the crypto-friendly state.

“I have a lot of colleagues here. They will help me legalize my papers so that I can stay,” Yarotska explained.

Another example of Portugal’s crypto-host position came from its western island of Madeira. Its regional government president – ​​Miguel Albuquerque – revealed last week that the region intends to adopt bitcoin as legal tender. He added that residents will not need to pay capital gains when trading the main cryptocurrency.

“I believe in the future and I believe in bitcoin. Our government will continue to work to create a fantastic environment for bitcoin in Madeira,” he concluded.